You take a client out for a business lunch and when you get back to the office, you file the receipt away just like the IRS wants you to.
Then, years down the road the IRS calls you down for an audit and asks you to produce your receipts. You go to your file and discover that the thermal paper receipts your favorite restaurants used have faded and are unreadable.
The result? The IRS won’t allow your deductions and you’re out of luck (and money). Want to learn how to avoid problems like this and stay in the IRS’s good graces? Easy. Just accept this invitation to read my new article titled Tax Tips: Don’t Let Your Tax-Deductible Receipts Fade and Disappear.
Three ways our fact-filled article can help you:
- You’ll learn about the strict substantiation rules of IRC Section 274(d). As you may have learned the hard way, the IRS doesn’t mess around. If you can’t provide solid substantiation as per the tax law, you can get into big trouble, fast. You’ll learn how to stay out of trouble when you read the full article.
- We’ll tell you why your copy machine can be your best friend. The smart move is to scan or photocopy all your thermal paper receipts to protect your proof. If the scan is going to serve as your defense, make sure you make note of two important facts before you start scanning. We’ll tell you what they are when you read the full article.
- We’ll explain the two rules you must always remember. When you’re documenting business entertainment, the IRS wants you to follow two important rules. We’ll tell you what they are and help you stay out of hot water when you read the full article.